Indiana Code 23-18-4-2. Acts and omissions liability; trustee for personal benefits derived through company; duties of member in company providing for manager
(b) Unless otherwise provided in a written operating agreement, each member and manager must account to the limited liability company and hold as trustee for it any profit or benefit derived by the manager or member without the consent of a majority of the disinterested managers or members or other persons participating in the management of the business or affairs of the limited liability company from:
Terms Used In Indiana Code 23-18-4-2
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trustee: A person or institution holding and administering property in trust.
(2) any use by the manager or member of the limited liability company’s property, including confidential or proprietary information of the limited liability company or other matters entrusted to the manager or member because of the manager’s or member’s status as manager or member.
(c) Unless otherwise provided in a written operating agreement, a member of a limited liability company in which the articles of organization provide for a manager or managers and who is not a manager has no duties to the limited liability company or to the other members solely by reason of acting in the capacity as a member.
As added by P.L.8-1993, SEC.301.